BOWLER METCALF LTD-UNAUDITED RESULTS

BOWLER METCALF LIMITED
(REG NO: 72/592/6)

UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 1998

                          30/06/98     30/06/97    CHANGE    31/12/97

INCOME STATEMENT          R000'S       R000'S      %         R000'S

TURNOVER                  31,664       26,686      +19       57,990

TRADING INCOME            9,654        8,352       +16       19,596

DEPRECIATION              (2,331)      (1,925)               (3,561)

NET FINANCE CHARGES       (735)        (1,320)               (2,988)

NET INCOME BEFORE TAX     6,588        5,107       +29       13,047

TAXATION                  (1,872)      (1,607)               (4,286)

ATTRIBUTABLE INCOME       4,716        3,500       +35       8,761

EARNINGS / SHARE (CENTS)  5,48         4,09        +34       10,23

DIVIDEND / SHARE (CENTS)  1,75         1,35        +30       3,30

DIVIDEND COVER            3,13         3,03                  3,10
BALANCE SHEET

CAPITAL                   10,585       10,585                10,585

RESERVES                  27,659       19,688                22,891

SHAREHOLDERS' FUNDS       38,244       30,273                33,476

DEFERRED TAX              3,215        3,066                 3,000

LONG TERM LIABILITIES      8,964        12,042                9,753

                          50,423       45,381                46,229
REPRESENTED BY:

FIXED ASSETS              40,025       39,453                38,579

NET CURR. ASSETS          10,398       5,928                 7,650

CURRENT ASSETS            21,190       18,452                17,874

CURR. LIABILITIES         10,792       12,524                10,224

                          50,423       45,381                46,229
COMMENT

OUR 35% INCREASE IN EARNINGS IS MOST SATISFACTORY AT THIS TIME OF NEGATIVE
GROWTH WITHIN THE PACKAGING INDUSTRY.  I THANK MY TEAM AND WITH EQUAL

ENTHUSIASM, OUR CUSTOMERS.  THEIR CONTINUED CONFIDENCE IN OUR PRODUCT AND
SERVICE HAS MADE THIS POSSIBLE.  TURNOVER INCREASED 19% TO R31,7M, WHILE NET
INTEREST PAID DROPPED 44% TO  R0,74M, HELPED BY OUR POSITIVE CASHFLOW.
DEPRECIATION WAS UP TO 21% PRIMARILY AS A RESULT OF ADDITIONAL ASSETS PURCHASED
UNDER BOWLER PET (PTY) LTD AND SKS PLASTICS ENGINEERING (PTY) LTD.

MACHINERY COSTING R3,5M WILL BE DELIVERED BY SEPTEMBER FOR TWO NEW CONTRACTS.
A STATE-OF-THE-ART PLANT, UNIQUE TO SOUTH AFRICA, MANUFACTURING CO-EXTENDED
TUBES FOR THE COSMETIC, PHARMACEUTICAL AND CHEMICAL INDUSTRIES WILL BE
INSTALLED IN AUGUST AT A COST OF R7,5M.  NO MAJOR BENEFIT WILL FLOW IN THE 1998
YEAR.

THE SIGNIFICANT FIRST HALF CONTRIBUTION BY SEASONAL BOWLER PET, AN INEVITABLE
DECREASE IN DISCRETIONARY CONSUMER SPENDING AND A PREDICTED DEVALUATION DRIVEN
RAW MATERIAL PRICE HIKE WILL MEAN THE SECOND HALF OF THE YEAR CANNOT EXCEED THE
FIRST BY THE TRADITIONAL MARGINS.  NOTWITHSTANDING THIS, I BELIEVE THE FULL
YEAR SHOULD BE SATISFACTORY.
H.W. SASS

(CHAIRMAN)                                                   M. BRAIN

                                                             (MANAGING)
DIVIDEND DECLARATION

AN INTERIM DIVIDEND OF 1,75 CENTS PER SHARE HAS BEEN DECLARED PAYABLE TO ALL
SHAREHOLDERS REGISTERED IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON
21 AUGUST 1998.  CHEQUES WILL BE POSTED ON 26 APRIL 1998.
CAPE TOWN
29 JULY 1998